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Affordable Housing Analysis in Elkhorn, Montana: Zip Code 59632's Unique LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Elkhorn, Montana, zip code 59632, contains one Low-Income Housing Tax Credit (LIHTC) funded project. This project, known as Big Boulder Residences, provides 36 affordable housing units, of which 32 are designated as low-income units. The estimated 1,166 housing units in the zip code indicate that LIHTC-funded affordable housing comprises approximately 3.1% of the area's housing inventory.
The LIHTC project in zip code 59632 received $1,000 in tax credits, averaging about $27.78 per unit in federal funding. Big Boulder Residences was completed in 2011, marking the introduction of LIHTC-funded affordable housing in the area. The development offers 19 one-bedroom and 17 two-bedroom apartments, accommodating various household sizes within the low-income population.
The population in zip code 59632 has experienced fluctuations over the past decade, decreasing from 3,059 in 2010 to 3,044 in 2022. The median income has varied, increasing from $55,074 in 2013 to $57,837 in 2022. The racial composition has remained predominantly white, with a slight decrease from 92% in 2013 to 88% in 2022. The Hispanic population has grown modestly from 2% to 4% during this period.
The completion of Big Boulder Residences in 2011 coincides with a period of population growth and income fluctuation in the area. This suggests that the LIHTC project was implemented to address an identified need for affordable housing during a time of demographic change.
Zip code 59632 in Elkhorn, Montana, features a single LIHTC-funded affordable housing project that provides 36 units, contributing to about 3.1% of the estimated housing inventory. Big Boulder Residences, completed in 2011, offers a mix of one and two-bedroom units, addressing diverse housing needs within the low-income population. The area has experienced some population fluctuations and income variability over the past decade, while the racial composition has remained relatively stable with a slight increase in diversity. The LIHTC project appears to have been a targeted response to housing needs in this rural Montana community.
